~JS Bono: Only Capitalism Can End Poverty By MARIAN L. TUPY SHARE from the Cato Institute “free enterprise is a cure.” This is a great day. For years, Bono has been something of a pain, banging on about the need for billions of dollars in Western foreign aid to Africa. I have criticized him for ignoring the real source of African poverty – lack of capitalism – on numerous occasions. But, unlike many who hate capitalism without reservation, Bono is open to changing his mind. Here is Bono giving capitalism its due recognition during a recent speech at Georgetown University. As the musician put it, when it comes to poverty “free enterprise is a cure.” Indeed, the evidence is overwhelming. According to the World Bank, global poverty is declining rapidly. In 1981, 70 percent of people in poor countries lived on less than $2 a day, while 42 percent survived on less than $1 a day. Today, 43 percent live on less than $2 a day, while 14 percent survive on less than $1. “Poverty reduction of this magnitude is unparalleled in history,” wrote Brookings Institution researchers Laurence Chandy and Geoffrey Gertz in a recent paper. “Never before have so many people been lifted out of poverty over such a brief period of time.” As far as Africa goes, inflation adjusted per capita incomes rose by an astonishing 97 percent between 1999 and 2010. That is good news for Africa and for humanity. More people should recognize it. ~JS: vimeo/m/16991128 On this note, if you would like to do more then donate $3/mth for a picture of a poor kid, I would like to bring to your attention KIVA kiva.org/ About: We are a non-profit organization with a mission to connect people through lending to alleviate poverty. Leveraging the internet and a worldwide network of microfinance institutions, Kiva lets individuals lend as little as $25 to help create opportunity around the world. Why Kiva? Kiva lenders combat poverty daily by making small loans to borrowers around the world. We believe in fair access to affordable capital for people to improve their own lives. Often only a relatively small amount of money stands in the way of Kiva borrowers and their dreams. Whether it’s a Kenyan farmer who needs $500 in order to double her grain production, or a young Bolivian woman who lacks the $1,500 tuition for nursing school, Kiva lenders provide a hand up to these and countless other borrowers. Join us and make a loan today.
Posted on: Fri, 16 Aug 2013 23:03:59 +0000
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